STX Heavy Industries changes name to “HD Hyundai Marine Engine”
As STX Heavy Industries is being acquired by HD Korea Shipbuilding & Offshore Engineering (HD KSOE), its name will be changed to “HD Hyundai Marine Engine”, according to Businesskorea.
According to industry sources on July 16, STX Heavy Industries will hold a shareholders' meeting on July 30 for partial amendments to its articles of incorporation and the appointment of internal and external directors. Through this shareholders' meeting, STX Heavy Industries will change its name to HD Hyundai Marine Engine and be integrated as a subsidiary of HD KSOE. This follows the conditional merger approval by the Fair Trade Commission (FTC) the previous day.
Meanwhile, HD KSOE decided to acquire a 35.05 percent stake in STX Heavy Industries for approximately 81.3 billion won (approximately $58.66 million) in July last year. Around one year after signing the acquisition contract, the process has been finalized with conditional approval from the FTC for the merger review.
HD KSOE expects synergies from the acquisition of STX Heavy Industries, including expanding production capacity for large two-stroke engines, enhancing cost competitiveness through localization of key components, and sharing overseas sales networks.
